Biotech Startup Backed by Kiran Mazumdar-Shaw Targets Global Growth After Qartemi Launch
Cancer-focused biotech startup Immuneel Therapeutics has raised over ₹100 crore ($10.5 million) in a Series B funding round as it looks to scale manufacturing, expand its research pipeline, and strengthen its presence in international markets.
The round attracted participation from a mix of new and existing investors, including Singularity AMC, Rainmatter by Zerodha, and several high-net-worth individuals. Existing backers such as Kiran Mazumdar-Shaw, Eight Roads Ventures, and F-Prime Capital also participated in the financing.
The latest fundraise comes at a pivotal stage for the Bengaluru-based company, which recently commercialized Qartemi, India’s first approved CAR-T cell therapy for certain blood cancers.
Capital to Boost Manufacturing and Commercial Expansion
According to the company, the fresh capital will primarily be used to expand its Good Manufacturing Practice (GMP) production facilities and support the commercialization of Qartemi across India.
The funding will also help accelerate Immuneel’s research and development efforts as the company works on next-generation cell and gene therapies for cancer treatment. In addition, part of the proceeds will be allocated toward expanding operations across the Asia-Pacific and Middle East regions, where demand for advanced oncology treatments continues to grow.
The company aims to make cutting-edge cancer therapies more accessible while building a globally competitive biotech platform from India.
Building India’s Cell and Gene Therapy Ecosystem
Founded in 2018 by Kiran Mazumdar-Shaw, Siddhartha Mukherjee, and Kush Parwar, Immuneel focuses on developing personalized cell and gene therapies designed to treat complex cancers.
The startup has emerged as one of India’s leading players in the advanced therapeutics space, an area that has traditionally been dominated by global pharmaceutical companies. Prior to the current round, Immuneel had raised more than $40 million, including a $15 million Series A round co-led by Eight Roads Ventures, True North, and F-Prime Capital in 2022.
In 2024, the company secured an additional ₹100 crore funding extension from Taiba Middle East FZ LLC, which valued the startup at approximately ₹587 crore post-money.
Qartemi Marks a Major Milestone
Immuneel’s biggest breakthrough so far has been the launch of Qartemi, which the company describes as India’s first approved CAR-T therapy for patients suffering from Non-Hodgkin Lymphoma and leukemia.
CAR-T therapy is considered one of the most advanced forms of cancer treatment, involving the genetic modification of a patient’s immune cells to target and destroy cancer cells. While the technology has transformed cancer care globally, access has remained limited due to high costs and manufacturing complexity.
To expand access further, Immuneel is pursuing clinical co-development partnerships in Australia and Southeast Asia, positioning itself as a regional leader in advanced cancer therapeutics.